USI Insurance Services (USI), an insurance brokerage company and consultant, has completed the takeover of Wells Fargo Insurance's 40 brokerage and consulting locations across the US.
USI believes that the transaction will further boost its presence as a middle market insurance brokerage and consulting firm, and will complement its full suite of property-casualty, employee benefits, personal lines, and retirement and specialty offerings.
The divestment is part of Wells Fargo’s strategy to concentrate on investments and resources in markets where the insurance business has the greatest growth potential and stronger partnerships with the bank’s commercial customers.
Wells Fargo Insurance head Laura Schupbach said: "This transaction is an important step in our ongoing strategy to grow the business in markets where we have the greatest opportunity to serve more of our core middle, upper middle market and risk management customers."
Wells Fargo through its Insurance Brokerage and Consulting (IBC) business offers national resources for property and casualty insurance and employee benefits among others.
The recent acquisition follows USI’s takeover of Webb & Greer Insurance Agency, based in Tempe, Arizona, as well as the acquisition of Oscar & Associates in January 2014.
In December 2013, USI purchased privately owned, independent insurance brokerage and advisory firm Molton, Allen & Williams (MAW).
Image: Wells Fargo’s corporate headquarters in San Francisco. Photo: courtesy of Laimerpramer.